- A golden cross formed on BCH’s hourly chart suggests a continued bullish momentum for the cryptocurrency.
- BCH price surged from $535 to $572, with trading volume increasing by over 40% in the last 24 hours.
- Bitcoin Cash’s market cap growth continues to widen its gap over Shiba Inu, solidifying its position as a top cryptocurrency.
Bitcoin Cash (BCH) has been experiencing an impressive upward trajectory over the past 30 days, with price fluctuations pointing towards a potential retest of the $600 mark. Recent technical signals indicate that the cryptocurrency is poised to maintain its bullish momentum, largely driven by the formation of a golden cross on the hourly chart.
A golden cross happens when a shorter-term moving average crosses over a longer-term moving average, and it indicates that the price action starts to shift to positive. In the case of BCH, the nine days moving average has been greater than the 26-day moving average, which proves the golden cross. The technical activity indicates that there is a higher possibility of further bullish gains, especially when the trading volume surged drastically, which means that more investors are interested.
BCH price increase and volume expansion.
Bitcoin Cash has risen over the last day by 2.66% and is currently priced at $572.53, up from a price of $535.38 an hour ago. BCH is currently trading at 560.46, and its price has been attracting market players as the volume of trading increased by 40.65, to 449.91 million. This increase in trading volume testifies to the increase in the number of bulls on the market, as investors seem to be hopeful about the future of BCH.
Source: TradingView
The golden cross and the large volume growth suggest the probability of BCH testing the new heights. According to technical analysis, BCH may stabilize at the level of $567.78, and an additional increase might drive it to the level of 600. In case the trend is bullish, the price will go up to a range of between 604 and 607. But failure to maintain the degree of momentum may lead to the price rebating to the area of about 540.
BCH still leads SHIB in market capitalization.
Bitcoin Cash has significantly enhanced its market position as well, increasing the distance between it and its competitor Shiba Inu (SHIB). During the last 40 days, BCH has climbed higher in the market capitalization lists and currently ranks number 15 with a market cap of 11.26 billion. In the meantime, the former close competitor of BCH, SHIB, is ranked 23rd and has its market cap of 7.19 billion.
With the technical indicators of BCH moving in the right direction towards a possible rally, investors are still optimistic that the asset will keep climbing. A golden cross, higher volume in the trade, and positive price action are all indications that BCH is poised to grow further, and the level of $600 is attainable provided the momentum continues.
